Technical Market Outlook

Despite the new local high at the level of 1.3912, the GBP/USD pair has been rejected for the third time from the supply zone and the Bearish Engulfing candlestick pattern was made at the end of the up move. The zone is still located between the levels of 1.3874 - 1.3886 and after a bounce from the level of 1.3791 the market is trading currently at the level of 1.3819 already. The intraday technical support is seen at 1.3785 and 1.3807.

Weekly Pivot Points:

WR3 - 1.4068

WR2 - 1.3979

WR1 - 1.3915

Weekly Pivot - 1.3815

WS1 - 1.3755

WS2 - 1.3649

WS3 - 1.3586

Trading Outlook:

The weekly time frame chart still shows, that the up trend is still intact and the corrective wave had terminated at the level of 1.3571. Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. The up trend can be continued towards the next long-term target located at the level of 1.4246 (high from 24.02.2021).